What is Remit?

Legal Definition
To annul a fine or forfeiture.

2. This is generally done by the courts where they have a discretion by law: as, for example, when a juror is fined for nonattendance in court, after being duly summoned and, on appearing, he produces evidence to the court that he was sick and unable to attend, the fine will be remitted by the court.

3. In commercial law, to remit is to send money, bills, or something which will answer the purpose of money.
-- Bouviers Law Dictionary
Legal Definition
To send or transmit; as to remit money. Potter v. Morland, 3 Cush. (Mass.) 388; Hollowell v. Life Ins. Co., 126 N. C. 398, 35 S. E. 616. To give up; to annul; to relinquish ; as to remit a fine. Jungbluth v. Redfield, 14 Fed. Cas. 52; Gibson v. People, 5 Hun (N. Y.) 543.
-- Black's Law Dictionary
Legal Definition
To pardon; to remand for a new trial; to transmit.
-- Ballentine's Law Dictionary